Let your small business navigate the pandemic-hit era with Cloud Hosted Accounting
When you hear the word ‘cloud’, do you imagine it to be some highly technical and complex IT term which can only be understood by the professionals?
If yes then you are not alone. The overuse of the concept ‘cloud computing’ has still not made its meaning clear to many. In fact most of us are already using the cloud in our everyday business activities but are not aware of when and how.
Following the outbreak last year, leading firms have started realising the unavoidable role of cloud hosted accounting softwares in achieving business resilience. In this blog we have explained what cloud accounting is and how it is the future of accounting for every business in the new normal age of COVID-19.
What is cloud?
When data is stored on the internet, that is to say on a remote server rather than in a machine, it is considered to be stored on cloud. And this process is called cloud computing.
What is cloud based accounting?
Cloud hosted accounting uses cloud software to store the financial data of a firm. Files that would normally be stored on a hard drive of a computer are stored online on the internet. These files stay accessible 24*7. Moreover, with the development of smartphones, cloud based accounting now allows you to take care of your businesses finances from wherever you are.
Why should your small business shift to cloud accounting?
With work from home becoming the new normal, cloud accounting comes as a boon as it allows the small business owners to have the luxury of running their businesses from anywhere in the world.
Besides, companies which are yet to leverage cloud are becoming a rarity. The numerous advantages of cloud accounting make it an obvious choice to sail through the sea of uncertainties. Some of these advantage include following:
1. It is extremely secure
Cloud accounting is independent of all kinds of catastrophes that could damage your data in many ways. For example, you will never have to worry about someone breaking into your office and stealing your computer as the data was never stored on that computer in the first place.
In case of Pandemic or any other Force majeure event like fire, earthquake for example, your data will not get affected at all as it is saved online. As long as you have access to any computer or mobile device connected to the internet, you are all covered up.
2. It facilitates smooth collaboration between team members
When working from home, cloud makes company’s data accessible to the whole team, wherever they are located. Your business will run just as efficiently as it would from an office.
3. It gives you a competitive advantage
Cloud will help you modernize data storage practices by automating data pipelines, providing access to advanced tools and technology and higher flexibility.
4. It offers complete automation
There is nothing to install, backup or update as this is done automatically by the cloud accounting software. Another time saving aspect is that you can easily integrate the accounting software with another third-party software. This leads to the next and probably the most vital advantage.
5. It ensures accuracy
All your data gets saved in the same place and you enter the necessary information into it regularly which lowers the risk of costly accounting error.
6. Its user friendly
Cloud hosted accounting software is easy to use. You can enter expenses and income as needed. Thus it allows you to categorise all of your transactions and everytime you review your files you can be assured that it is correct.
7. It saves you valuable time
Cloud’s automation allows employees to spend less time completing tedious administrative tasks and do the work they love instead, increasing productivity for businesses.
8. It saves you money
All you need to leverage cloud accounting is a device with an internet connection. There is no need to install any hardware for data storage which brings your cost down significantly.
There is no doubt that cloud hosted accounting is the future of accounting. Using cloud technology to conduct business activities isn’t just a trend but a smart choice, looking at the current times.
But it is not enough to just understand how cloud technology works. Implementing it should be the ultimate goal. After all that’s where the results lay. Do not worry though. We get your concern. It can feel overwhelming to think of getting started. That’s why we are here.
Relig Solutions is one of the leading accounting and taxation service provider. Our team of experienced accountants and tax professionals can help you take advantage of cloud accounting without needing to invest in any cloud software.
Just get in touch with us and we’ll make sure your journey on cloud takes off smoothly!